Local USD collections
Whether you’re using our APIs or Currencycloud direct, local collections are our most cost-effective and transparent way to collect money globally
1. What are local USD collections?
Local USD collections gives you the ability to receive third-party funds into your account from your customers in USD. You can convert these back to the required currency at competitive rates on your own terms.
2. Will the account be in my name?
Yes. With our local collections the account will be in your name.
3. What payment types can I use to collect USD locally?
You can collect USD locally via fedwire and ACH.
4. Where can I collect funds from?
You can collect USD locally within The United States of America.
5. What details do I need to provide to my customers and where do I find them?
You can find your account details in Currencycloud direct or via the Find VANs API.
- Using Currencycloud Direct: simply log in and select ‘Balances’ from the left-hand navigation. Then select ‘Fund’ against the USD. This will show you the account name, number and routing code you can give out to your customers. For local collections, make sure to use ‘regular bank transfer’ details.
- Using Find VANs API: simply call the Find VANs API with the currency you wish to receive, and select the local payment type. This will show you the account name, number and routing code you can give out to your customers.
6. How do I access my collected funds?
Once your customer has made their payment and the funds have arrived at Currencycloud, we will reconcile the funds to your account and update your balance. If you are using push notifications, you will receive a funds pending notification, followed by a funds completed notification to tell you that the funds have been credited to your account.
7. How long will it take for my funds to arrive?
If we receive the funds before 9.30 am EST, then the payment will land on the same day. After this time, payments will arrive the next day. This is true during US banking days.
8. What information can I see about the sender?
You can always see the sender’s name. For some payments, you will also see a sending reference or account number and address.
9. Can my customer send the funds in full, without correspondent bank fees?
Yes. When using our collections capability, you never have to worry that the full amount won’t land. Please be aware, the sender may be charged fees upfront by the sending bank to make the payment.
10. Is there a limit on how much I can collect in one transaction?
Yes. The maximum that can be collected per transaction is $1 million.